Abenex acquires Tethys, a specialist in pyromechanical systems for critical applications

Abenex announces the acquisition of a majority stake in Tethys (revenue: €10m), a French specialist in pyromechanical systems for critical applications. Abenex becomes majority shareholder alongside the management team and Bpifrance, which is reinvesting as part of the transaction. This transaction marks the fourth investment of the Abenex Small Cap II Fund, which reached its final closing in April 2026, and aims to support Tethys in accelerating its industrial and commercial development, in France and internationally, across markets driven by increasing investments in the defence, space and energy sectors.

Founded in 2004, Tethys has established itself as a recognised European player in pyromechanical systems design, assembly and production for leading defence, aerospace and security groups such as MBDA, Naval Group, ArianeGroup and Safran.

Tethys operates in a niche market characterised by absolute reliability requirements and significant barriers to entry. In a sector largely structured around integrated groups and consortiums, Tethys stands out as an independent player, offering strong strategic positioning and agility.

The pyromechanical devices market is experiencing sustained growth, supported by rising European investment in defence, space and critical energy infrastructure. In this context, Tethys benefits from strong visibility, driven by long-term industrial programmes generating recurring revenues through series production. Once qualified on these programmes, Tethys often acts as a sole supplier (“single source”), with contracts spanning 10 to 20 years, providing clear long-term revenue predictability.

With Abenex and Bpifrance’s support, Tethys aims to accelerate its industrial and commercial development across several key areas, including strengthening its industrial capabilities through the expansion of its production site, developing commercial activity in France and across Europe, and pursuing an active external growth strategy, with the ambition to position Tethys as a leading independent European player in pyromechanics.

As part of the transaction, the management team, led by Philippe Saussol, President, is significantly reinvesting alongside Bpifrance.

Philippe Saussol, President of Tethys, commented:
“Partnering with Abenex marks a decisive new phase in Tethys’ development. Their operational approach, entrepreneurial DNA and ability to mobilise the right expertise were key factors in our decision.”

Christian Dorléac, Partner, and Angèle France, Director, added: 
“This transaction reflects Abenex’s commitment to supporting strategic companies within the defence and technology industrial base in their development, both in France and internationally. We were particularly attracted by the critical nature of Tethys’ applications and its positioning as an independent player in a market characterised by high barriers to entry.”

Largillière Finance acted as M&A advisor to the management team, Tethys' shareholders and Bpifrance.